The total investment for the wind farms, which were awarded during the first Spanish renewable generation auction in 2016, is estimated to be €300m.

While Engie will hold a stake of 15% in the wind projects, Mirova, a subsidiary of Natixis will hold the majority stake of 51%. GE will own 25% while Forestalia will hold a 9% stake.

The nine subsidy-free Spanish wind farms to be located in the province of Zaragoza are supported by a €50m loan from the European Investment Bank in the framework of the “Juncker plan”.

Engie said that it has formed a joint venture with Acciona Industrial and Copsa to carry out civil works and the electrical installations of the new wind complex in Spain. The French firm will hold a stake of 50% while Acciona Industrial and Copsa, will each own stakes of 25%.

Engie has also agreed to buy a significant portion of the power generated by the nine wind farms under a 12-year Power Purchase Agreement (PPA). The French utility said that the PPA ensures the economic viability of the new Spanish wind farms.

According to Engie, this is the first PPA to be made for wind farms under development in Spain.

Engie Spain CEO Loreto Ordóñez said: “The PPA is a tailored-made contract which is changing relationships within the energy market. This project is completely innovative in our country.

“ENGIE bets on this model to ensure that everyone, producer, client or marketer, will benefit from a more efficient management and from more certainty on their market risks.

“In addition, this certified energy comes from renewable sources, very demanded by socially responsible companies. This is our contribution to harmonious progress”.

In another part of the world, Engie added a 200MW wind project under its development portfolio last month which will be built in the Indian state of Tamil Nadu. The wind project won by the company is part of a 2GW wind tender floated by Solar Energy Corporation of India (SECI).